DIRS.INFO The most relevant business & tech news

☆ Analysis: Clock ticking for loan market as Libor nears its end
▼ + stars: | 2023-02-16 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Feb 16 (Reuters) - It's crunch time for the corporate loan market. "The shot clock is on," said Tal Reback, who leads KKR's global Libor transition efforts. The Libor transition began in 2017 and had been smooth until 2022, when rising interest rates, decades-high inflation, Russia's war on Ukraine and recessionary fears rocked markets. "The new issue market shut down," said Ian Walker, head of legal innovation at financial information provider Covenant Review. Libor was phased out for new contracts at the end of 2021, though most existing U.S. dollar-denominated contracts have until June 30 to switch.

☆ New structured credit ETFs are hitting the market just as investors hunt for income
▼ + stars: | 2023-02-03 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

BlackRock launched the AAA CLO ETF (CLOA) less than a month ago, and the product already has about $30 million in assets under management. Panagram Structured Asset Management is exploring riskier versions in the same ETF sector, launching the BBB-B CLO ETF (CLOZ) and surpassing the $20 million mark in less than two weeks. Fixed income funds boom The growth of these funds comes after a boom in fixed income ETFs in 2022, as rising interest rates and high inflation sent investors hunting for ways to generate additional yield. Invesco and VanEck also launched CLO ETFs last year, presenting additional investment options. However, there are diversification benefits to having floating rate ETFs for investors, especially in the U.S. where most fixed income products have a fixed rather than a floating rate, Kerschner said.

☆ 'Communities like mine won't survive:' Queens residents battle monthly floods as sea levels rise, storms worsen
▼ + stars: | 2022-12-22 | by ( Emma Newburger | ) www.cnbc.com time to read: +14 min

Still, it's unclear how these vulnerable coastal communities — and others across the country — will ultimately fare. In this scenario, most of the communities surrounding Jamaica Bay would be inundated every day by high tides. These types of natural projects, some of which are already underway at the Jamaica Bay Wildlife Refuge, would be balanced with the Army Corp's man-made engineered solutions. Additionally, the proposed Jamaica Bay Storm Surge Barrier, located to the east of the Marine Parkway Bridge, would close during major storms. Shoreline restoration is underway at the Jamaica Bay Wildlife Refuge in Queens.

☆ Banks’ buyout-debt machine defies quick jumpstart
▼ + stars: | 2022-12-08 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Asset managers like Blackstone (BX.N) or Axa (AXAF.PA) pick the underlying loans, while investment banks underwrite the CLO securities and place them with credit investors. Many of the bonds that come out the other side get an ultra-safe AAA credit rating. The combination of higher funding costs and slower private-equity dealmaking has pushed sales of European CLO securities down 67% year-on-year, according to JPMorgan analysts. So, for example, 70% of the whole portfolio would have to default, with the creditors recovering just half of their money, before AAA tranches see a loss. That means banks’ biggest CLO risk is an even sharper slowdown, not a blowup.

☆ From Apollo to DZ Bank, funds snap up bargains in UK pension scramble
▼ + stars: | 2022-11-18 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

REUTERS/Hannah McKay/File PhotoSummarySummary Companies Pension funds still need to raise cashCredit funds pick up bargains from pension fund salesSome credit funds already sitting on profitsLONDON, Nov 18 (Reuters) - Credit funds at Blackstone, Apollo, DZ Bank and Astra Asset Management picked up bargains from UK pension funds during their scramble for cash, and some say pension schemes are still offloading assets as pressures persist. Hedge funds and private equity firms have taken advantage of the forced sales to snap up deals - including certain portions of collateralised loan obligations (CLOs), securities that pension funds invest in. The credit funds are already sitting on juicy profits on some of these trades. This is because these pension funds must match their portfolios to what they will owe retired members. Even though the markets have calmed, some pension funds are still dealing with the implications," said Mody.

☆ U.K. Crisis Spills Into U.S. Junk Debt
▼ + stars: | 2022-10-11 | by ( Matt Wirz | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Fallout from the crisis in U.K. financial markets has hit a faraway corner of Wall Street: the trillion-dollar market for collateralized loan obligations. Once a niche product, CLOs are now widely held by investors around the world, including the British pensions, insurers and funds that got caught by the recent crash in U.K. currency and government-bond markets. Many of them sold CLO bonds to meet margin calls, sending prices of the securities tumbling well below their intrinsic value, analysts and fund managers said.

Franța, ale cărei soluri roditoare și condiții climatice sunt ideale pentru viticultură, a domnit mult timp în lume ca principal furnizor de vin rafinat. Cele două regiuni viticole principale ale sale, Bordeaux și Burgundia, au oferit inspirație mai multor scriitori remarcabili din diferite epoci. Pieter de Vries, creatorul romanelor grafice, s-a autointitulat „băutor de vin” și a fost fascinat în special de vinurile din Burgundia: „Montrachet-ul masculin și Musigny-ul feminin conferă cea mai rafinată unire cu pământul, aerul și cerul la dispoziția omului”. Clima locală nu era potrivită pentru viticultură, vinul era adus în principal din Franța, Spania și Grecia. În eseul său „Despre vin și hașiș” (1851), Baudelaire întreabă: „Cine cunoaște cele mai profunde bucurii ale vinului?

Persons: Roald Dahl, Dahl, Thomas Jefferson, d’Yquem, Pieter de Vries, Ernest Hemingway, Vries „ Ruben, Ruben, William Shakespeare, Shakespeare, Lord Byron, Don, Byron, Charles Baudelaire, Baudelaire, Robert Louis Stevenson, scoțianul Robert Louis Stevenson, Eminescu, Creangă, Călinescu, Ion Creangă Organizations: Adevărul Locations: Franța, Bordeaux, Burgundia, America, Brion, Anglia, Spania, Grecia, Muscat, Rin, Canare, francez, Silverado, California, Copou, Socola, Humuleşti

Singapore Airlines' new suites are more like hotel rooms in the sky than airplane seats. Easily top up your Singapore Airlines KrisFlyer account with points from American Express Membership Rewards, Chase Ultimate Rewards, or Citi ThankYou Rewards. You'll need to join the Singapore Airlines KrisFlyer programFirst things first: If you want to book an award in Singapore Suites (or business class, for that matter), you'll need to redeem Singapore Airlines' own KrisFlyer miles. Searching for Singapore Airlines awardsSearching for awards on Singapore Airlines' own flights is straightforward. Fixed-value flexibilityIf mastering the Singapore Airlines KrisFlyer program feels like too much of an effort, there is one other strategy worth considering.

Search resuls for: "Clos"

8 mentions found